London—Norway’s Statoil ditched on Friday a long-term production target and pledged to reign in spending in the latest move by a European oil major to rebalance its output targets amid rising pressure from investors to control costs. Statoil said it could achieve a goal of hitting 2.5 million b/d of oil equivalent by 2023-2024, up to four years later than previously expected. It also announced an 8% cut in planned investment to $20 billion/year for the next two years. The move to soften spending and output targets was widely anticipated by the markets and comes after the company has suffered a number of project delays, output disruptions and has sold assets to rebalance its upstream portfolio.
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